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Sheridan Distribution markets CDs of the performing artist Unique. At the beginning of October, Sheridan had in beginning inventory 2,000 of Unique's CDs with a
Sheridan Distribution markets CDs of the performing artist Unique. At the beginning of October, Sheridan had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October. Sheridan made the following purchases of Unique's CDS. Oct. 3 2.500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3.500 @ $9 Oct. 25 4,000 @ $11 During October, 10,850 units were sold. Sheridan uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (b1) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO. LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (c) Your answer is partially correct. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) FIFO produces the highest inventory amount. $ (2) LIFO produces the highest cost of goods sold, $
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